Binance has encouraged users of payment company Paysafe to convert the euros in their exchange accounts into USDT stablecoins by October 31st. As of September 28th, Paysafe users will no longer be able to spot trade euros on Binance and open orders will be cancelled. The Binance Convert feature, used to exchange crypto assets for fiat currency, will also be limited to euro transactions.
Exchange management noted that payment company Paysafe unilaterally decided to stop processing euro deposits for Binance users. Paysafe suspended euro deposits on September 25th. At the same time, exchange clients can continue to withdraw euros from Binance accounts to their bank accounts.
Paysafe previously partnered with Binance to enable European users to deposit and withdraw fiat currencies via bank transfers in the Single Euro Payments Area (SEPA). Binance said it will integrate new fiat channels soon.
Paysafe may have stopped supporting Binance, including sterling transactions, due to UK financial regulator concerns about the partnership. Previously, the UK Financial Conduct Authority (FCA) banned Binance from operating in the United Kingdom, suspecting the exchange of fraud and money laundering.
Source: Bits
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